Worldwide Banks Stingy with Loans in Q3 2009

January 27, 2010 /EIN PRESSWIRE/ According to the Bank for International Settlements (BIS), worldwide lending dropped more than $200 billion in the third quarter of 2009.

Although the $235 billion drop in lending year-to-year was steep, it was much better than the $420 billion drop reported in the second quarter of 2009.

In total, international bank lending fell by more than $3 trillion in the first 9 months of 2009. The high dollar amount exists even though governments funneled large amounts of cash into the financial industry to free up credit markets.

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